Arca Continental SAB de CV

Strong operational momentum; top-line and EBITDA improved - Q3 consolidated volume: +4.6% YoY; YTD (9M) +2.7%, highlighting acceleration vs. H1. - Net sales: +5.9% YoY in Q3; +2.1% YTD (supported by disciplined pricing + execution). - EBITDA: +6.2% in Q3 and +2.1% YTD, with margins improving to ~20.5% (Q3) and ~20.0% (9M). - Category performance: Stills +7.1% and Sparkling +4.9% in Q3 (positive across portfolio).

Regional performance: Mexico & U.S. stability, South America stands out (and is weather-sensitive) - Mexico (Beverages, ex jug water): Unit case volume +2.1% YoY in Q3 and +0.7% YTD; channels improved (modern trade + traditional trade growth; on-premise stable). - U.S. (Coca-Cola Southwest Beverages): Volume +1.1% and transactions +1.5% in Q3; YTD volume +1.0% / transactions +1.8%. - Drivers cited: SOVI gains (>4 points across large stores), share gains in sparkling, strong performance in Coca-Cola Zero, and improved fill rates / end-to-end execution. - South America: Volume +17.5% YoY in Q3 and +10.5% YTD. - Peru and Ecuador hit record-level quarters; Argentina shows only modest recovery (Q3 volume +0.3% YoY), with macro still challenging.

Guidance and outlook: 2026 confirmed; 4Q and “normalization” expectations - 2026 guidance confirmed: mid-single-digit consolidated sales growth on a currency-neutral basis. - Management expects better momentum into year-end and better conditions / normalization as external cost pressures (notably geopolitics-driven inputs) hopefully ease. - U.S. margin outlook: despite Q3 compression, management expects Coca-Cola Southwest to close 2026 around last year’s level (i.e., margins roughly flat vs. last year, not necessarily expanding).